Equity Awards and Warrants (Tables)
|
9 Months Ended |
12 Months Ended |
Feb. 28, 2023 |
May 31, 2022 |
| Equity Awards and Warrants |
|
|
| Schedule of warrant liability and equity |
|
|
|
|
(in thousands) |
|
Liability Classified Warrants |
Balance at May 31, 2022 |
|
$ |
— |
Classified as liability due to lack of shares availability at issuance |
|
|
14,522 |
Classified as equity upon increase in availability |
|
|
(23,123) |
Loss on derivative due to change in fair market value |
|
|
8,601 |
Balance at August 31, 2022 |
|
$ |
— |
Balance at November 30, 2022 |
|
$ |
— |
Classified as liability due to variable settlement term |
|
|
2,057 |
Classified as equity upon finalized settlement term |
|
|
(2,212) |
Loss on derivative due to change in fair market value |
|
|
155 |
Balance at February 28, 2023 |
|
$ |
— |
|
|
| Schedule of assumptions used in determination of fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial Fair Market Value at Issuance |
|
Fair Market Value at Equity Classification |
|
|
|
Backstop |
|
Backstop |
|
Placement |
|
Backstop |
|
Backstop |
|
Backstop |
|
Placement |
|
Backstop |
|
|
|
Warrant #1 |
|
Warrant #2 |
|
Agent Warrants |
|
Warrant #3 |
|
Warrant #1 |
|
Warrant #2 |
|
Agent Warrants |
|
Warrant #3 |
|
Fair value of underlying stock |
|
$ 0.44 |
|
$ 0.42 |
|
$ 0.44 |
|
$ 0.35 |
|
$ 0.52 |
|
$ 0.52 |
|
$ 0.52 |
|
$ 0.32 |
|
Risk free rate |
|
3.17% |
|
3.06% |
|
3.13% |
|
3.68% |
|
3.34% |
|
3.31% |
|
3.16% |
|
4.18% |
|
Expected term (in years) |
|
4.65 |
|
5.00 |
|
10.00 |
|
5.00 |
|
4.46 |
|
4.88 |
|
9.82 |
|
4.76 |
|
Stock price volatility |
|
110.20% |
|
109.49% |
|
95.99% |
|
124.36% |
|
117.29% |
|
113.59% |
|
95.87% |
|
126.67% |
|
Expected dividend yield |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
Years ended May 31, |
|
|
2022 |
|
2021 |
Expected Volatility |
|
94.3% - 122.0 |
% |
|
80.3% - 127.8 |
% |
Weighted-Average Volatility |
|
104.89 |
% |
|
84.86 |
% |
Expected Dividends |
|
— |
% |
|
— |
% |
Expected Term (In years) |
|
1.5 - 6.0 |
|
|
2.5 - 6.0 |
|
Risk-Free Rate |
|
1.67 |
% |
|
0.45 |
% |
|
| Schedule of stock option activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
average |
|
|
|
|
|
|
|
Weighted |
|
remaining |
|
Aggregate |
|
|
Number of |
|
average |
|
contractual |
|
intrinsic |
(in thousands, except per share data and years) |
|
shares |
|
exercise price |
|
life in years |
|
value |
Options outstanding at May 31, 2022 |
|
17,457 |
|
$ |
1.53 |
|
7.79 |
|
$ |
— |
Granted |
|
12,417 |
|
$ |
0.41 |
|
|
|
|
|
Exercised |
|
— |
|
$ |
— |
|
|
|
|
|
Forfeited, expired, and cancelled |
|
(7,783) |
|
$ |
1.16 |
|
|
|
|
|
Options outstanding at February 28, 2023 |
|
22,091 |
|
$ |
1.02 |
|
8.12 |
|
$ |
— |
Options outstanding and exercisable at February 28, 2023 |
|
12,698 |
|
$ |
1.28 |
|
7.15 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
average |
|
|
|
|
|
|
|
Weighted |
|
remaining |
|
Aggregate |
|
|
Number of |
|
average |
|
contractual |
|
intrinsic |
(in thousands, except per share data) |
|
shares |
|
exercise price |
|
life in years |
|
value |
Options and warrants outstanding at May 31, 2021 |
|
60,774 |
|
$ |
0.95 |
|
4.37 |
|
$ |
68,061 |
Granted |
|
50,205 |
|
$ |
0.72 |
|
|
|
|
|
Exercised |
|
(5,677) |
|
$ |
0.71 |
|
|
|
|
|
Forfeited, expired, and cancelled |
|
(14,597) |
|
$ |
1.36 |
|
|
|
|
|
Options and warrants outstanding at May 31, 2022 |
|
90,705 |
|
$ |
0.77 |
|
4.06 |
|
$ |
352 |
Options and warrants outstanding and exercisable at May 31, 2022 |
|
82,918 |
|
$ |
0.69 |
|
3.61 |
|
$ |
352 |
|
| Schedule of Company RSU and PSU activity |
The following table summarizes the Company’s RSU and PSU activity:
|
|
|
|
|
|
|
|
|
|
Number of |
|
Weighted-average |
|
remaining contractual |
(shares in thousands) |
|
RSUs and PSUs (1) |
|
grant date fair value |
|
life in years |
Unvested RSUs and PSUs at May 31, 2022 |
|
300 |
|
$ |
3.12 |
|
0.58 |
RSUs and PSUs granted |
|
1,293 |
|
|
0.58 |
|
|
Unvested RSUs and PSUSs forfeited |
|
(150) |
|
|
3.12 |
|
|
RSUs and PSUs vested |
|
(150) |
|
|
3.12 |
|
|
Unvested RSUs and PSUs at February 28, 2023 |
|
1,293 |
|
$ |
0.58 |
|
1.04 |
(1) |
The number of PSUs disclosed in this table are at the target level of 100%. |
|
|
| Schedule of options and warrants exercises |
|
|
| Schedule of Warrant activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
|
average |
|
|
|
|
|
|
|
Weighted |
|
remaining |
|
Aggregate |
|
|
Number of |
|
average |
|
contractual |
|
intrinsic |
(in thousands, except for share data and years) |
|
shares |
|
exercise price |
|
life in years |
|
value |
Warrants outstanding at May 31, 2022 |
|
73,248 |
|
$ |
0.59 |
|
3.18 |
|
$ |
352 |
Granted |
|
119,022 |
|
$ |
0.25 |
|
|
|
|
|
Exercised |
|
(4,965) |
|
$ |
0.75 |
|
|
|
|
|
Forfeited, expired, and cancelled |
|
(7,412) |
|
$ |
0.75 |
|
|
|
|
|
Warrants outstanding at February 28, 2023 |
|
179,893 |
|
$ |
0.33 |
|
4.39 |
|
$ |
12,245 |
Warrants outstanding and exercisable at February 28, 2023 |
|
179,893 |
|
$ |
0.33 |
|
4.39 |
|
$ |
12,245 |
|
|